What is happening in the market right now?
Having been rising for three weeks in a row, gold prices reached yearly maximum on September 8th: $1,352 per ounce. The main reason was the weakening of the dollar due to doubts about the third rate hike this year.
The situation in the market is exacerbated by the tensed environment in North Korea and the consequences of devastating hurricanes in the US. Europe is not calm either: after Brexit, the EU economy is still unstable, and terrorist attacks add fuel to the fire. Investors are looking for salvation in safe assets, giving preference to gold.
What will influence precious metals’ performance in September?
In the coming weeks, a whole series of data will be published to have a direct impact on gold and other metals. The most important of them are as follows:
- Producer Price Index Report (US)
- Inflation report (UK, Canada)
- Decision on interest rates and report on monetary policy (Switzerland, United Kingdom)
- Data on investments in fixed assets (China)
Most experts predict the growth of the gold rate against the background of the world currencies weakening, and these forecasts seem truthful.
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